12-2830.   Fiscal year; budget.The board shall establish a fiscal operating year. At least thirty daysprior to the beginning of the first full fiscal year after the creation ofthe authority, and annually thereafter, the board shall cause to beprepared a tentative budget which shall include all operation andmaintenance expense for the ensuing fiscal year. The tentative budget shallbe considered by the board and, subject to any revision and amendments asmay be determined, shall be adopted prior to the first day of the ensuingfiscal year as the budget for that year. No expenditures for operations andmaintenance in excess of the budget shall be made during any fiscal yearexcept by the affirmative vote of at least four members of the board. Itshall not be necessary to include in the annual budget any statement ofnecessary expenditures for pensions or retirement annuities, or forinterest or principal payments on bonds or certificates, or for capitaloutlays, but it shall be the duty of the board to make provisions forpayment of same from appropriate funds.

      History:   L. 1955, ch. 118, § 30; April 13.